Money

5 ways women can turn the economy around

The Bureau of the Census states that women currently outnumber men in the United States by six million. With such incredible power in their hands, women have a number of ways within their reach where they can help turn the economy around.

5 ways women can turn the economy around - Lioness MagazineWomen are making a powerful difference in business, in today’s economy, and in family life.  The adage that there is power in numbers definitely applies. The Bureau of the Census states that women currently outnumber men in the United States by six million. With such incredible power in their hands, women have a number of ways within their reach where they can help turn the economy around.

  1. Entrepreneur: Charles D. Vollmer, the founder of Jobenomics, a national grassroots movement dedicated to creating 20 million new US private sector jobs by year 2020, noted the potential women have as entrepreneurs to help the economy: “This is the decade of women-owned businesses. They have greater financial needs and incentives. There are more qualified women with some even serving as heads of households. These women have more opportunities, are highly educated, and have fewer cultural barriers.” From women creating businesses through crafts and their artistry, using sites like Etsy and Pinterest, to generate interest and build a following to women starting up all types of businesses, including high-tech companies, consumer goods, and children’s wares, the female entrepreneur is generating innovative ideas and creating companies that are putting people to work and stimulating the economy through revenues.
  1. Talent Value: Statistics show nearly eight million jobs have been lost by men and, for the first time in this nation’s history, women now hold a majority of the nation’s jobs. In 2006, a database was created that measured the economic and political power of women in 162 countries. The conclusion was the greater the power of women, the greater the country’s economic success. Women’s talent in the workplace is beginning to be accepted by more companies that are looking for specific first-hand knowledge about today’s top consumer – women – and are recognizing the value of specific feminine traits that bode well in the corporate culture, including a nurturing attitude, open and ongoing communication, and a collaborative spirit, which are driving motivation and higher productivity.
  1. Advisor: Women are also now being targeted by boards to join and offer their insights about how women think and make decisions about purchases. Those that have added women as board members are also realizing greater financial success. Catalyst’s 2010 statistics conclude that companies with a significant percentage of women on their boards performed better than those with no women on their boards—by 84% return on sales, 60% return on invested capital, and 46% return on equity. As Monique Nadeau, President and CEO of the Hope Street Group explained, “[B]ecause women overwhelmingly hold the consumer purchasing power in our country, whether we’re talking about individuals or households, their understanding of the market allows them to start businesses with a high degree of insight about both their potential customers and competitors.”
  1. Consumer: Women are the most influential consumers. Contributing to the total $7 trillion in consumer and business spending in America, women influence 85% of all purchasing decisions, including half of products that would seem more oriented to men, such as automobiles, home improvement items, and consumer electronics. The impact that women have on our nation’s market alone is substantial. For products related to home life, it’s been reported that moms represent a $2.4 trillion market. With so much buying power, it makes sense to target them and listen to what they want for themselves and their families.
  1. Mentor: Serving as mentors to younger women and offering guidance to help them on the road to success at an early age is breeding new generations of women who will sustain the economy once it recovers. Whether it is offering internships at their companies, speaking to young people in school and university settings, establishing scholarships to help female students or encouraging female employees to bring their daughters to work for a day, women can mentor those women who will lead the economic success in future decades and encourage a powerful proactive mindset in generations to come.

For those in certain positions, it’s time to encourage this power in women. And, for women, it’s time for you to put this power to good use!

About the author

Michelle Patterson

Visionary and lauded business accelerator Michelle Patterson is President of the Global Women Foundation and The California Women's Conference (www.californiawomensconference.com) - the largest women's symposium in North America that has featured esteemed First Ladies, A-List Hollywood celebrities, and high caliber business influencers. Michelle is also the CEO of Women Network LLC, an online digital media platform dedicated to giving women a voice and a platform to share their message. Michelle may be reached at WomenNetwork.com.

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